MANES: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MANES
Largest movements
- Cash +€38,816
up €38,816 (+58.5%), from €66,347 to €105,163
mainly Net result for the year (+€38,294) and Receivables within one year (+€27,223)
- Receivables within one year -€27,223
down €27,223 (-72.4%), from €37,593 to €10,370
of which Trade receivables: -€37,313
- Tangible fixed assets -€4,457
down €4,457 (-2.1%), from €207,524 to €203,066
of which Land and buildings: -€11,237
- Other debts +€18,743
up €18,743 (+206.2%), from €9,089 to €27,831
- Debts after one year -€16,766
down €16,766 (-14.2%), from €117,653 to €100,888
- Trade debts -€3,825
down €3,825 (-71.7%), from €5,334 to €1,509
- Gross operating margin -€9,087
down €9,087 (-10.2%), from €89,361 to €80,273
- Taxes -€3,583
down €3,583 (-16.6%), from €21,597 to €18,015
- Depreciation +€2,427
up €2,427 (+15.3%), from €15,854 to €18,281
- Financial income -€908
down €908 (-98.8%), from €919 to €11
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €315,566 | €320,787 | +€5,221 | +1.7% |
| Fixed assets | 21/28 | €207,679 | €203,221 | -€4,457 | -2.1% |
| Tangible fixed assets | 22/27 | €207,524 | €203,066 | -€4,457 | -2.1% |
| Land and buildings | 22 | €184,192 | €172,955 | -€11,237 | -6.1% |
| Plant, machinery and equipment | 23 | €15,304 | €20,806 | +€5,502 | +36.0% |
| Furniture and vehicles | 24 | €8,027 | €5,766 | -€2,261 | -28.2% |
| Leasing and similar rights | 25 | - | €3,539 | +€3,539 | |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €107,887 | €117,565 | +€9,678 | +9.0% |
| Amounts receivable within one year | 40/41 | €37,593 | €10,370 | -€27,223 | -72.4% |
| Trade receivables | 40 | €37,593 | €280 | -€37,313 | -99.3% |
| Other amounts receivable | 41 | - | €10,090 | +€10,090 | |
| Cash at bank and in hand | 54/58 | €66,347 | €105,163 | +€38,816 | +58.5% |
| Deferred charges and accrued income | 490/1 | €3,947 | €2,032 | -€1,915 | -48.5% |
| Total equity and liabilities | 10/49 | €315,566 | €320,787 | +€5,221 | +1.7% |
| Equity | 10/15 | €154,526 | €156,888 | +€2,363 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €113,404 | €115,767 | +€2,363 | +2.1% |
| Distributable reserves | 133 | €113,404 | €115,767 | +€2,363 | +2.1% |
| Profit (loss) carried forward | 14 | €22,522 | €22,522 | = | 0.0% |
| Amounts payable | 17/49 | €161,040 | €163,898 | +€2,858 | +1.8% |
| Amounts payable after more than one year | 17 | €117,653 | €100,888 | -€16,766 | -14.2% |
| Financial debts | 170/4 | €117,653 | €100,888 | -€16,766 | -14.2% |
| Amounts payable within one year | 42/48 | €43,387 | €63,011 | +€19,624 | +45.2% |
| Current portion of amounts payable after more than one year | 42 | €16,335 | €17,836 | +€1,501 | +9.2% |
| Trade debts | 44 | €5,334 | €1,509 | -€3,825 | -71.7% |
| Suppliers | 440/4 | €5,334 | €1,509 | -€3,825 | -71.7% |
| Taxes, remuneration and social security | 45 | €12,629 | €15,834 | +€3,205 | +25.4% |
| Taxes | 450/3 | €12,347 | €15,834 | +€3,486 | +28.2% |
| Remuneration and social security | 454/9 | €281 | - | -€281 | |
| Other amounts payable | 47/48 | €9,089 | €27,831 | +€18,743 | +206.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,854 | €18,281 | +€2,427 | +15.3% |
| Other operating charges | 640/8 | €1,878 | €2,083 | +€205 | +10.9% |
| Gross operating margin | 9900 | €89,361 | €80,273 | -€9,087 | -10.2% |
| Operating profit (loss) | 9901 | €71,629 | €59,909 | -€11,720 | -16.4% |
| Financial income | 75/76B | €919 | €11 | -€908 | -98.8% |
| Recurring financial income | 75 | €919 | €11 | -€908 | -98.8% |
| Financial charges | 65/66B | €4,202 | €3,612 | -€590 | -14.0% |
| Recurring financial charges | 65 | €4,202 | €3,612 | -€590 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €68,346 | €56,309 | -€12,037 | -17.6% |
| Income taxes | 67/77 | €21,597 | €18,015 | -€3,583 | -16.6% |
| Profit (loss) for the period | 9904 | €46,749 | €38,294 | -€8,455 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,749 | €38,294 | -€8,455 | -18.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.